Royale Energy Inc
For the period ended Dec 31, 2023. Filed Apr 12, 2024.
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FY2023 · Filed Apr 12, 2024
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CONSOLIDATED BALANCE SHEETS
DECEMBER 31,
| 2023 | 2022 | |
|---|---|---|
| ASSETS | ||
| Current Assets: | ||
| Cash and Cash Equivalents | $2,202,521 | $1,650,507 |
| Restricted Cash | 3,325,000 | 2,249,627 |
| Other Receivables, net | 1,036,401 | 943,633 |
| Revenue Receivables | 878,378 | 701,937 |
| Prepaid Expenses and Other Current Assets | 558,169 | 1,935,346 |
| Deferred Drilling Costs | 1,669,149 | 1,219,177 |
| Prepaid Drilling to RMX Resources, LLC | - | 114,563 |
| Total Current Assets | 9,669,618 | 8,814,790 |
| Other Assets | 589,865 | 589,865 |
| Right of Use Asset - Operating Leases | 254,008 | 335,213 |
| Oil and Gas Properties (Successful Efforts Basis), Real Property and Equipment and Fixtures, net | 2,401,902 | 2,040,320 |
| Total Assets | $12,915,393 | $11,780,188 |
CONSOLIDATED BALANCE SHEETS (Continued)
DECEMBER 31,
| 2023 | 2022 | |
|---|---|---|
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||
| Current Liabilities: | ||
| Accounts Payable and Accrued Expenses | $5,482,074 | $5,528,829 |
| Royalties Payable | 612,925 | 612,925 |
| Due RMX Resources, LLC | 23,087 | 23,087 |
| Accrued Liabilities | 215,693 | 208,307 |
| Operating Leases - Current | 83,230 | 81,995 |
| Asset Retirement Obligation - Current | 675,000 | 675,000 |
| Deferred Drilling Obligations | 9,761,927 | 8,129,965 |
| Total Current Liabilities | 16,853,936 | 15,260,108 |
| Noncurrent Liabilities: | ||
| Asset Retirement Obligation | 4,151,847 | 2,867,479 |
| Operating Leases - Non-current | 171,439 | 254,858 |
| Accrued Unpaid Guaranteed Payments | 1,616,205 | 1,616,205 |
| Accrued Liabilities - Non-current | 1,306,605 | 1,306,605 |
| Total Liabilities | 24,100,032 | 21,305,255 |
| Mezzanine Equity: | ||
| Convertible Preferred Stock, Series B, $10 par value, 3,000,000 Shares Authorized, 2,444,885 and 2,361,154 shares issued and outstanding at December 31, 2023 and 2022, respectively | 24,448,850 | 23,611,536 |
| Stockholders’ Deficit: | ||
| Common Stock, .001 Par Value, 280,000,000 Shares Authorized 70,564,188 and 61,876,957 shares issued and outstanding at December 31, 2023 and 2022, respectively | 70,564 | 61,876 |
| Additional Paid in Capital | 54,619,236 | 54,447,923 |
| Accumulated Deficit | (90,323,289) | (87,646,402) |
| Total Stockholders’ Deficit | (35,633,489) | (33,136,603) |
| Total Liabilities, Mezzanine Equity and Stockholders’ Deficit | $12,915,393 | $11,780,188 |
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